Up to 300 jobs cut at Southern Cross Media, ASX falls after Wall Street closes down

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Topic: Financial Markets

Thu 11 Jun 2026 at 7:55am

Up to 300 jobs will be cut at Southern Cross Media, which owns the Seven Network. The job losses are mainly in the back office.

The Australian market is falling after Wall Street closed down.

Follow the day's financial news and insights from our specialist business reporters on our live blog.

Disclaimer: this blog is not investment advice.

Live updates

Thu 11 Jun 2026 at 10:08am

By Yiying Li

Prices are current at around 10:07am AEST

Live updates on the major ASX indices:

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Thu 11 Jun 2026 at 12:05pm

By David Taylor

State Street has given some probabilities for the gold price forecast.

It calls it the mid-year outlook for the precious metal in USD.

The base case has a 70% probability: $4,750-$5,500/oz. High oil prices and a Fed potentially on hold for longer could cap gold price cheer.

The bull case has a 15% probability: $5,500-$6,250/oz. A significant dovish pivot from the Fed and the USD resuming its multi-year downtrend would likely put $6,000/oz gold back in play.

The bear case has a 15% probability: $4,000-$4,750/oz. Higher oil prices and a Fed potentially introducing hikes could test gold market resilience at $4,000/oz.

Thu 11 Jun 2026 at 11:50am

By David Taylor

The combined capitals weighted clearance rate has eased to 47.3% while Brisbane recorded its lowest clearance rate since June 2020.

Across the capital cities, 1,175 homes went under the hammer last week, down 55.8% from 2,659 the previous week.

The volume of auctions was affected by the King’s Birthday long weekend in most states.

The weighted average final clearance rate came in at 47.3%, down 1.7 percentage points from 49.0% the previous week.

This was the second week in a row where the combined capitals clearance rate held below the 50% mark.

Thu 11 Jun 2026 at 11:40am

By Yiying Li

About 200,000 Australians and several government agencies use Starlink, and major telcos are now partnering with SpaceX to expand satellite phone coverage.

Federal government officials are privately flagging the risks of relying on a foreign-owned provider.

Australians are lining up to buy shares in SpaceX when it goes public on June 12.

The money raised will fund SpaceX's investment in expanding Starlink's reach and capabilities.

Our national AI and technology reporter Cam Wilson has more.

Key Event

Thu 11 Jun 2026 at 11:29am

By Emily Stewart

Southern Cross Media says it's cost-cutting program, along with savings from its merger, will save the company up to $150 million annually.

In a statement to the ASX, SCA confirmed up to 300 full-time roles will be cut before June 30 this year.

SCA's managing director and CEO, Rohan Lund said: We must reset our cost base to meet current market conditions.

Unfortunately, this means saying goodbye to some talented colleagues who have helped build our business.

The statement says market conditions have 'deteriorated materially', although SCA's businesses are 'performing well'.

Group revenue for FY26 has been revised down from $1.91-$1.92 billion to $1.86-$1.87 billion.

Thu 11 Jun 2026 at 11:09am

By Yiying Li

QBE Insurance Group has announced the appointment of Christopher Harris as an independent non-executive director to the board.

Mr Harris is currently chair of QBE Capital, a position he has held since 2025.

QBE chair Yasmin Allen AM said Mr Harris brought deep industry expertise, particularly in capital allocation, risk management and underwriting.

The share price of QBE rose 3.5% to $24.26 per share as at 11am AEST.

Thu 11 Jun 2026 at 10:55am

By Yiying Li

Rabobank's global strategist Michael Every has dubbed the latest clash between the US and Iran a 'PeaceFire'.

There's a real possibility of no binding deal until the US midterm elections in November.

Watch more on The Business with Kirsten Aiken.

Key Event

Thu 11 Jun 2026 at 10:53am

By Yiying Li

Seven of 11 sectors were lower, along with the ASX 200.

The Utilities sector rallied 2%, followed by Energy, up 1.9%, while Materials is the biggest laggard, down 2.1%.

Thu 11 Jun 2026 at 10:36am

By Yiying Li

Markets declined despite a softer-than-expected US core CPI print in May, as geopolitical tensions dominated.

US consumer prices increased at the fastest pace in three years in May, vaulting above 4%.

The probability of a Fed rate hike in December remained elevated around 70%.

Thu 11 Jun 2026 at 10:16am

By Yiying Li

Karoon Energy led the Australian market at open, up 4.9%, followed by QBE Insurance Group, up 4.4%.

Meanwhile, Alcoa lost 9%, Ora Banda Mining fell 6.2%, and Pantoro Gold slid 6%.

Key Event

Thu 11 Jun 2026 at 10:03am

By Yiying Li

The ASX 200 opened down 1% to 8,563 points.

Over the last five days, the index has lost 1.4% and 1.7% year to date.

Thu 11 Jun 2026 at 9:59am

By Yiying Li

Tech-heavy Asian markets are set for more pain as escalating Iran-US tensions take a toll.

WTI crude is up 3.7% early Thursday after settling 2% higher on Wednesday.

Thu 11 Jun 2026 at 9:48am

By Yiying Li

Commonwealth Bank shareholders are pursuing the institution in the High Court.

Shareholders say the bank failed to inform the market of a $700 million fine.

Key Event

Thu 11 Jun 2026 at 9:26am

By Yiying Li

Southern Cross Media has confirmed that 250 to 300 full-time employees will be made redundant.

The job losses are primarily in the back office — the company aims to remove duplication, streamline and automate its processes.

Thu 11 Jun 2026 at 9:15am

By Yiying Li

Rate tracking by Canstar has shown that while all lenders in the database have now passed on the May RBA rate hike in full.

There are now 40 lenders offering at least one variable rate under 6%.

Key Event

Thu 11 Jun 2026 at 8:53am

By Emily Stewart

JB Hi-Fi Group will refund more than $250,000 in total to about 200 customers over alleged misleading pricing.

The Australian Competition and Consumer Commission says it monitored JB Hi-Fi's online product pricing from March to September 2025.

Thu 11 Jun 2026 at 8:36am

By Yiying Li

The Middle East war and the oil supply squeeze have supercharged the shift in businesses away from diesel towards renewable energy.

My colleague David Taylor has more.

Thu 11 Jun 2026 at 8:16am

By Yiying Li

MSCI's global equities index fell 1.5% on Wednesday after economic data showed US inflation was high but in line with expectations.

Oil prices rose as hopes for Middle East peace progress dwindled after Iran and the United States exchanged strikes and threats.

Thu 11 Jun 2026 at 8:04am

By Yiying Li

Prices are current at around 8:04am AEST

Live updates on the major ASX indices:

Key Event

Thu 11 Jun 2026 at 7:48am

By Yiying Li

Hello everyone and happy Thursday!

Welcome to another day on the finance blog!

The ASX 200 futures are pointing to a lower open, down 0.8% to 8,601 points.

Thu 11 Jun 2026 at 7:55am

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